China leads the world in internet market
China pioneers the world in internet development, as the growth of its netizens and the amount of internet consumption both top the corresponding rate in other nations, a new industry report said.
The compound growth rate of Chinese netizens reached 25 percent in the past 15 years and ranks the first globally while China's internet consumption has grown at a compound rate of 32 percent in the past five years, which is also ahead of most countries in the world.
The report, published by global management consultancy the Boston Consulting Group as well as a group of internet giants such as Alibaba Group Holding Ltd, Baidu Inc and Didi Chuxing, reveals the latest trend of China's internet economy.
"For example, Chinese transportation platform Didi Chuxing took three years to get half of China's ride-sharing market penetration while Uber still hasn't achieved the same goal "up till now," Li said.
Another trend the report pointed out: China's internet market is very influential in terms of scale and impact as a considerable number of internet giants, start ups and unicorns－new, non-listed companies with valuations of more than USD 1 billion－are competing with world magnates in the field.
Data from open database CrunchBase showed that among 221 global unicorns, Chinese firms make up for nearly one third of the total, with a valuation of around USD 330 billion.
Statistics from China Internet Network Information Center showed that China had a total of 751 million netizens by June 2017, which is about the total population of Europe.
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